PH Has Best Growth Outlook Among ASEAN-5 in 2016

The Philippines has the best growth perspective among the ASEAN five (5) economies, with an average growth forecast of 6.0 percent for 2016, according to the 2016 edition of the Organization for Economic Cooperation and Development (OECD) Economic Outlook for Southeast Asia, China, and India. This is driven mainly by the strong momentum in domestic demand, buoyed by growing remittances.

This is also the second year in a row that the Philippines has the best growth forecast among the ASEAN-5 countries according to the OECD Economic Outlook. According to the Outlook, the Philippines also benefits from improved attractiveness as a Foreign Direct Investment (FDI) destination.

Growth for the ASEAN-5 economies, namely, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, shows “mild moderation,” but will remain “robust” at an average of 6.5 percent in 2016.

Growth forecasts for the ASEAN-5 countries are 5.9 percent (Vietnam), 5.2 percent (Indonesia), 4.6 percent (Malaysia) and 3.1 percent (Thailand). The growth forecast for China and India are 6.5 percent and 7.3 percent, respectively.

The OECD Economic Outlook is an annual publication on Asia’s regional economic growth, development, and regional integration process. It focuses on the economic conditions of the ASEAN member countries as well as the relevant economic issues in China and India in order to fully reflect economic developments in the region.

The 2016 edition of the Outlook was launched during the ASEAN Business Investment Summit in Kuala Lumpur, Malaysia on November 20. (DFA)